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Arsene Wenger will be given a large transfer budget for January after years of astutely managed finances have contributed to a surge in profits for Arsenal, the club's chairman, Peter Hill-Wood, has confirmed.

In recent summers the Gunners have been forced to sell some of their biggest stars, with Alex Song and Robin van Persie leaving the club in August, following the departures of Cesc Fabregas, Samir Nasri and Gael Clichy a year earlier.

But their prudent transfer policy, combined with success in the Champions League in past years, has generated cash that will be available to Wenger once the window opens again on January 1.

Hill-Wood told reporters: "If Arsene wants to use that money during the winter window then, ­absolutely, he will be able to do it.

"We rely on him to come up with the right people and there will be funds available to him.

"The financial results were good and we want to put that money to use if Arsene decides he wants more players but if the manager wants to ­reinforce the squad in January, he will be able to do that.

"I like to think that the profit shows we are ­running the club on the right lines.

"We are not able, for ­instance, to be able to ­afford to write off €220 million. That is not how we work."

The north London club have never spent more than €25m on a single player, although recent signing Santi Cazorla is thought to have come close to that mark.

Reports have suggested that Arsenal might look to Atletico Madrid star Radamel Falcao, with the 26-year-old alerting Premier League clubs by admitting that he would like to play in England one day.